The First Nations
Fiscal Statistical Management Act (Bill C-20) received Royal Assent
on March 23, 2005. It establishes a new fiscal relationship between
First Nations and Canada through four new institutions:
Learn how to gain access to the benefits of the FSMA in the brochure
Opting in to Bill
C-20.
Download a Powerpoint about
the FSMA (860 KB)
In the News
BILL C-20 RECEIVES ROYAL ASSENT; FIRST
NATION-LED LEGISLATION HAS ALL-PARTY SUPPORT IN HOUSE OF COMMONS
AND SENATE
OTTAWA, ONTARIO (March 23, 2005) – The First Nations Fiscal
and Statistical Management Act (Bill C-20) received Royal Assent
today.
The legislation provides a statutory base for First Nation institutions
designed to assist First Nations in improving the investment climate
and promoting economic growth in First Nation communities. Bill
C-20 received all-party support in the House of Commons and the
Senate.
C.T. (Manny) Jules, who led the development of the Act, called
today’s announcement “a triumph for First Nations
and Canada. This bill was conceived and developed by First Nations
and is about building infrastructure, attracting investment and
creating jobs on-reserve. Today’s Royal Assent signals a
new beginning.”
The legislation will create four institutions which will be operated
by and for First Nations. The proposed institutions include a
finance authority, a tax commission, a financial management board
and a statistical institute. Two of the institutions, the tax
commission and finance authority, will build upon the established
reputations and expertise of the existing Indian Taxation Advisory
Board and First Nations Finance Authority (FNFA).
The legislation will strengthen the First Nations real property
tax system and provide greater representation for taxpayers. It
will also provide participating First Nations with the access
to capital markets available to other governments. The institutions
will also improve the reliability of First Nation financial and
statistical information, and build financial and information management
capacity. In sum these institutions will improve the First Nation
investment climate.
Over 100 First Nations currently levy property tax on their lands,
generating over $44 million dollars a year in revenue. Bill C-20
will immediately offer these First Nations opportunities to strengthen
their property tax systems and enable them to participate in debenture
financing through the use of their property tax revenues. Only
participating First Nations whose financial management systems
have been certified will be able to access the FNFA debenture
system.
“All parties in the House of Commons and the Senate supported
this legislation and they should be commended for recognizing
the critical role Bill C-20 will play in promoting economic growth
in First Nation communities,” said Mr. Jules.
CPTA Applauds Passage of First Nations Fiscal
and Statistical Management Act; Legislation gives greater protection
to First Nation property taxpayers
OTTAWA, March 23, 2005
The Canadian Property Tax Association is pleased with the federal
government moving forward with the First Nations Fiscal and Statistical
Management Act which received Royal Assent today. The legislation
establishes regulatory reforms to the First Nation property tax
system and provides for greater taxpayer representation.
"The Act is a significant step forward,"
said Norm Stickelmann, President of the CPTA. It will bring greater
representation and fairness to the commercial and industrial taxpayers
currently operating in First Nation communities."
The legislation contains provisions to strengthen
due process for concerns and disputes and more formalized rules
to ensure property tax revenues are spent only on local services
and long term infrastructure improvements. The Act also creates
the First Nations Tax Commission which will provide regulatory
oversight and include Commission members representing commercial
and industrial taxpayer interests.
"The legislation not only improves taxpayer
relations, but will go a long way in improving investor confidence
in First Nations communities. Transparency, stability, and regulatory
certainty will benefit First Nation governments and their taxpayers,"
said Mr. Stickelmann.
Formed in 1967, the CPTA represents over 200 corporations across
Canada.
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